You can chain the InfiniBand switches. You could chain, link, loop, cross link, many, many switches in an InfiniBand fabric.
If you have some InfiniBand switches with embedded Subnet Manager, you will have to configure the switches so that you have only one Subnet Manager, or to configure them to cooperate.
As you mention, the bandwidth will be limited if your communications pattern require exchange between the two switches. Take great care of the locality of each node to group highly related nodes on the same switch.
If you have more than 2 switches, you can create advanced topology to improve the bandwidth and latency, tailored to your needs.
But if you have one single bigger switch to support few more nodes, it will be indeed simpler and better.
[Additionally you could investigate reliability issues: what happen if the switch is gone ...]
Regards.
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